Commentary:
The Livestock markets were hit with another knockdown blow on Wednesday, going limit down in each market with Live Cattle down the expanded limit. The markets continue to be pushed around by outside markets and that despicable microscopic enemy known as Covid-19. Grain markets, Equity markets, Energy markets all were weak as headlines continue to erupt with negative news on the attacking virus. The livestock markets were no different. With no end in sight to the shut downs and the economic destruction caused by the shut downs futures prices plunged. Markets are volatile to say it simply. Stay tuned! There will be expanded limits on Thursday. Cash trade took place on the fedcattleexchange.com auction at 111,25 and 113.00 on a live basis. There were 4,696 head for sale and only 832 head sold as packers were patient. There was light trading in Kansas at 112.00 and 113.00 on a live basis. There were some dressed sales from 175.00 to 180.00 in Nebraska and the Western Cornbelt. Boxed Beef cutouts are sliding from its high and were sharply lower Wednesday on light demand and moderate offerings. Choice cutouts fell 7.98 to 235.17 and select was dropped 3.83 to 225.13. The choice/ select spread narrowed to 10.04 and the load count was 135. Slaughter was estimated to be 116,000. The Feeder Cattle Index fell to 129.82 as of March 31,2020. The Lean Hog Index declined and is at 65.15 as of March 30, 2020. The Pork Cutout Index fell to 73.09 as of March 31,2020.
Trade Suggestion(s):
N/A today
Risk/Reward:
Futures –
Options –
For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursdays and our next webinar will be on Thursday, April 2, 2020 at 3:00 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar. Sign Up Now
**Call me for a free consultation for a marketing plan regarding your livestock needs.**
Ben DiCostanzo
Senior Market Strategist
Walsh Trading, Inc.
Direct: 312.957.4163
888.391.7894
Fax: 312.256.0109
bdicostanzo@walshtrading.com
www.walshtrading.com
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